By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Marketing In Asia
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
    Marketing
    This category deals with best news and updates on marketing and branding news and events.
    Show More
    Top News
    Dil Jashn Bole - ICC 2023 Anthem
    ICC World Cup 2023 Anthem: A Marketing Triumph or Missed Note? 
    1 day ago
    3 KA Dream
    Adidas “3 Ka Dream” Campaign
    1 day ago
    Agoda Reveals The Top Flight Destinations Of 2023 So Far!
    3 days ago
    Latest News
    Why Is The iPhone 15 in High Demand: A Deep Dive
    2 hours ago
    Thums Up and Disney+ Hotstar Team Up for a Game-Changing Cricket Experience
    5 hours ago
    Malaysia’s Forex Market Booms: Over 2.2 Million Investors and Counting
    8 hours ago
    KRAFTON INDIA’S ‘BGMI Ki Boli’ Campaign: A Celebration of Linguistic Diversity in Gaming
    1 day ago
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
    Startup
    News and articles from startup and venture investment world
    Show More
    Top News
    protein start-up Green Rebel
    AirAsia Teams Up with Green Rebel to Serve Plant-based Delicacies 
    2 months ago
    Alvin Kwock
    Hailstone Labs Backs OneDegree Group in a Move to Pioneer Digital Asset Legalisation 
    2 months ago
    Abhinav Sinha and Chetan Desai
    Revolutionizing Sports Performance with SportsSkill-A Cutting-Edge SaaS Sports Tech Startup
    2 months ago
    Latest News
    Koltiva Secures Seven-Figure Funding: Redefining Supply Chain Transparency for Agribusinesses
    1 day ago
    Qashier Secures $10 Million in Series A Funding: Pioneering the Future of Fintech in Southeast Asia
    3 weeks ago
    Indian Celebrities Invest in Environmental Startups: A New Wave of Sustainability 
    4 weeks ago
    Good Vibes Festival Crisis: Was it Avoidable?
    2 months ago
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
    Business
    News and press releases from business world of Asia
    Show More
    Top News
    Delivery Hero Confirms Discussions Regarding Partial Sale of Their Asia Business
    Delivery Hero Confirms Discussions Regarding Partial Sale of Their Asia Business
    2 hours ago
    TUMI-Unveils-the-Pinnacle-of-Innovation-with-Its-Alpha-X-and-Alpha-Hybrid-Collections-in-Fall-2023-Campaign
    TUMI Unveils the Pinnacle of Innovation with Its Alpha X and Alpha Hybrid Collections in Fall 2023 Campaign
    3 hours ago
    Oracle Unveils Groundbreaking AI-Enhanced Customer Experience Suite
    Oracle Unveils Groundbreaking AI-Enhanced Customer Experience Suite
    3 hours ago
    Latest News
    Why Is The iPhone 15 in High Demand: A Deep Dive
    2 hours ago
    Wipro’s Leadership Transition: Aparna Iyer Takes the Helm as CFO 
    2 hours ago
    Arjun Mohan Appointed as the New India CEO of BYJU’S: A Strategic Move in Edtech
    2 hours ago
    TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency
    2 hours ago
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
    Society
    News and articles from and for societies around us
    Show More
    Top News
    ESports
    ESports’ Asian Games Debut: A Leap Towards Olympic Recognition
    3 days ago
    TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency
    TikTok Fined for Mishandling Children Data: EU Imposes Hefty Penalties
    3 days ago
    Digital Revolution in Sports Coaching
    Beyond the Field: The Digital Revolution in Sports Coaching
    6 days ago
    Latest News
    TUMI Unveils the Pinnacle of Innovation with Its Alpha X and Alpha Hybrid Collections in Fall 2023 Campaign
    3 hours ago
    KRAFTON INDIA’S ‘BGMI Ki Boli’ Campaign: A Celebration of Linguistic Diversity in Gaming
    1 day ago
    Love, Bonito Debuts Its Largest Store in Hong Kong’s Pulsating Retail Hub
    1 day ago
    Discover Luxury: Unveiling Asia-Pacific’s Hidden Gems & Unique Experiences
    1 day ago
  • Stories
  • Videos
    • Videos Gallery
    • The Opinion Scout
    • MIA Spotlight
  • Impact Circle
Search
Technology
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
Other Pages
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Startup Register & Login
  • Disclaimer
  • Terms of Service
  • Privacy Policy
© 2023 Marketing In Asia Sdn Bhd. All Rights Reserved.
Reading: Penang Ascends: Set to Become the Medical Technology Hub of Asia 
Share
Sign In
Notification Show More
Latest News
Apple-iPhone-15-Launched-A-Camera-Revolution-for-the-Tech-Savvy-Asian-Market
Why Is The iPhone 15 in High Demand: A Deep Dive
News Opinion Technology
Wipro logo
Wipro’s Leadership Transition: Aparna Iyer Takes the Helm as CFO 
Brand Highlights Business News
Arjun Mohan CEO BYJU'S India
Arjun Mohan Appointed as the New India CEO of BYJU’S: A Strategic Move in Edtech
Brand Highlights News
TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency
TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency
News Social Media
Delivery Hero Confirms Discussions Regarding Partial Sale of Their Asia Business
Delivery Hero Confirms Discussions Regarding Partial Sale of Their Asia Business
News
Aa
Marketing In Asia
Aa
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Startup Register & Login
Search
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
  • Stories
  • Videos
    • Videos Gallery
    • The Opinion Scout
    • MIA Spotlight
  • Impact Circle
Have an existing account? Sign In
Follow US
© 2023 Marketing In Asia Sdn Bhd. All Rights Reserved.
Marketing In Asia > Blog > Business > News > Penang Ascends: Set to Become the Medical Technology Hub of Asia 
BusinessNews

Penang Ascends: Set to Become the Medical Technology Hub of Asia 

profile
Last updated: 2023/07/28 at 7:11 PM
Komaldeep Kaur
Share
4 Min Read
Penang Hill Aerail
SHARE

Positioned at the forefront of the MedTech industry, Penang is swiftly ascending as the new MedTech hub of Asia, owing to its growing exports in professional, scientific, and controlling instruments, including medical devices. This pivotal growth, as detailed by InvestPenang, has seen Penang contribute an impressive 65% on average to Malaysia’s total MedTech exports from 2017 to 2021. 

Famed as the Silicon Valley of the East, Penang stands alongside Puerto Rico, Costa Rica, and Ireland as a global MedTech investment hotspot, as expressed by the Special Investment Adviser to the Chief Minister of Penang, Datuk Seri Lee Kah Choon. Kah Choon attributes Penang’s prominence in the industry to its rich pool of trained talents and competent supply chain. 

Housing six of the top 30 global medical device companies, Penang has become Southeast Asia’s epicenter for MedTech companies. From 2017 to 2021, the state has attracted RM7 billion in approved manufacturing investments for scientific and measuring equipment, contributing a whopping 70% to the country’s total investments in this sector. 

Penang’s allure for high manufacturing investments isn’t just limited to local corporations. Both domestic and foreign corporations, particularly those within the electronics and electrical (E&E) sector, have been keen on investing in this thriving state. Over a 10-year period from 2012 to 2021, Penang secured a total of RM149 billion in approved manufacturing investments, with a record-high RM76 billion achieved in 2021 alone. 

Last year, Penang continued to demonstrate its appeal, attracting RM13.7 billion in approved manufacturing investments, which accounted for 16% of the country’s total approved manufacturing investments. This includes significant investment projects by TF AMD, Boston Scientific, Greatech Integration, and Inari Technology. 

As we move into 2023, Penang has already shown promising signs, being the second highest contributor among all states with RM3.2 billion recorded in the first quarter, with RM2.3 billion constituted by foreign direct investments (FDI). 

An analysis of the export figures reveals Penang as Malaysia’s top exporter. In 2022, Penang accounted for 29.9% of the country’s total exports, translating to a substantial RM463.3 billion. Of this, RM187.8 billion came from its integrated electronic circuits. 

Investments in Penang continue to grow, due to the state’s strong manufacturing ecosystem and business-friendly culture, according to Kah Choon. Further contributing to this is Penang’s excellent infrastructure and the continuous expansion of its manufacturing parks to cater to future expansions and investments, as pointed out by the Federation of Malaysian Manufacturers (FMM) Penang chairman Datuk Lee Tiong Li. 

Despite a slight slowdown in the semiconductor industry this year, Tiong Li remains optimistic about growth in other sectors such as medical and automotive. Penang’s emphasis on talent development has been instrumental in its success, with local talent development programs like the Penang Future Foundation, Penang Tech Dome, and Penang i4.0 Seed Fund contributing significantly. 

Despite the challenges presented by the COVID-19 pandemic in 2019 and 2020, Penang bounced back well, outperforming the country’s gross domestic product (GDP) growth by recording a 13.1%. This, as Caretaker Penang chief minister Chow Kon Yeow suggests, is evidence of the investor’s confidence in the state. This news story is based on an article from malaymail.com. 

You Might Also Like

Why Is The iPhone 15 in High Demand: A Deep Dive

Wipro’s Leadership Transition: Aparna Iyer Takes the Helm as CFO 

Arjun Mohan Appointed as the New India CEO of BYJU’S: A Strategic Move in Edtech

TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency

Delivery Hero Confirms Discussions Regarding Partial Sale of Their Asia Business

Get Latest Job Updates on Whatsapp and Telegram
SCIKEY Logo
Whatsapp
Telegram
TAGGED: asia, Exports, Global MedTech, investments, InvestPenang, manufacturing, Medical Devices, MedTech Hub, Penang

Sign Up For MIA Newsletter

Be keep up! Get the latest updates about the Marketing world delivered straight to your inbox.

    By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
    Komaldeep Kaur July 28, 2023 July 28, 2023
    Share This Article
    Facebook Twitter LinkedIn Email Copy Link Print
    Share
    What do you think?
    Love0
    Happy0
    Joy0
    Surprise0
    Sad0
    Angry0
    Cry0
    profile
    By Komaldeep Kaur
    Follow:
    Building MarketingInAsia.com - Asia's leading media & marketing-tech platform for brands & content creators. Building MarketingInAsia.com represents the creation of a groundbreaking platform revolutionizing the marketing landscape in Asia. As the region's leading media and marketing-technology platform, it unites brands and content creators, providing the tools, insights, and strategies they need in today's digital age. Harnessing technology's transformative potential, MarketingInAsia.com disrupts traditional marketing norms, democratizing opportunities, and driving growth. It also offers a unique gateway for brands entering the Asian market, presenting real-time, localized insights. Simultaneously, it empowers content creators by connecting them with brands, facilitating innovative collaborations. MarketingInAsia.com embodies the future of marketing, constantly pushing boundaries, and shaping industry standards.
    Previous Article McDonald Store McDonald’s Reports Remarkable Global Revenue Surge Amid Inflationary Pressures 
    Next Article Global-Boiling-humanity-Stares-Down-Record-Breaking-Heat-Amid-UNs-Stark-Warning “Global Boiling”: Humanity Stares Down Record-Breaking Heat Amid UN’s Stark Warning
    Leave a comment Leave a comment

    Leave a Reply Cancel reply

    You must be logged in to post a comment.

    Follow US

    8k Followers Follow
    3.4k Followers Like
    1.2k Followers Follow
    200 Followers Follow
    176 Subscribers Subscribe

    Latest News

    Apple-iPhone-15-Launched-A-Camera-Revolution-for-the-Tech-Savvy-Asian-Market
    Why Is The iPhone 15 in High Demand: A Deep Dive
    News Opinion Technology 2 hours ago
    Wipro logo
    Wipro’s Leadership Transition: Aparna Iyer Takes the Helm as CFO 
    Brand Highlights Business News 2 hours ago
    Arjun Mohan CEO BYJU'S India
    Arjun Mohan Appointed as the New India CEO of BYJU’S: A Strategic Move in Edtech
    Brand Highlights News 2 hours ago
    TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency
    TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency
    News Social Media 2 hours ago

    PropertyGuru

    property guru

    You Might also Like

    Apple-iPhone-15-Launched-A-Camera-Revolution-for-the-Tech-Savvy-Asian-Market
    NewsOpinionTechnology

    Why Is The iPhone 15 in High Demand: A Deep Dive

    2 hours ago
    Wipro logo
    Brand HighlightsBusinessNews

    Wipro’s Leadership Transition: Aparna Iyer Takes the Helm as CFO 

    2 hours ago
    Arjun Mohan CEO BYJU'S India
    Brand HighlightsNews

    Arjun Mohan Appointed as the New India CEO of BYJU’S: A Strategic Move in Edtech

    2 hours ago
    TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency
    NewsSocial Media

    TikTok Introduces Tools to Label AI Content: A Leap Towards Transparency

    2 hours ago
    //

    Get Asia to Notice You

    Quick Link

    • Contact
    • RSS Terms of Service
    • Policies & Standards
    • About Us
    • FAQ
    • Disclaimer
    • Terms Of Service
    • Privacy Policy

    Top Categories

    • Marketing
    • Startup
    • Feature Stories
    • News
    • People
    • Inspiration

    Sign Up for Our Newsletter

    Subscribe to our newsletter to get our newest articles instantly!

      Marketing In AsiaMarketing In Asia
      Follow US
      © 2023 Marketing In Asia. All Rights Reserved.
      • Disclaimer
      • Terms of Service
      • Privacy Policy
      Join the growing tribe of Marketing In Asia!

      Subscribe to our newsletter and never miss our latest updates, news, videos, podcasts etc..

        Zero spam, Unsubscribe at any time.